Tax Loans. The General Partner or the General Partner Entity may in its sole and absolute discretion, cause the Partnership to make an interest free loan to the General Partner or the General Partner Entity, as applicable, provided that the proceeds of such loans are used to satisfy any tax liabilities of the General Partner or the General Partner Entity, as applicable.
Tax Loans. The General Partner or the Parent may in its sole and absolute discretion, cause the Partnership to make an interest free loan to the General Partner or the Parent, as applicable, provided that the proceeds of such loans are used to satisfy any tax liabilities of the General Partner or the Parent, as applicable.
Tax Loans. The Managing Member or the Managing Member Entity may in its sole and absolute discretion, cause the Company to make an interest free loan to the Managing Member or the Managing Member Entity, as applicable, provided that the proceeds of such loans are used to satisfy any tax liabilities of the Managing Member or the Managing Member Entity, as applicable.
Tax Loans. The Company may, in its discretion and to the extent permitted by law, authorize a loan to the Optionee in the amount of any taxes which the Company may be required to withhold with respect to shares of Common Stock received (or disposed of, as the case may be) pursuant to a transaction described in Section 4.1. Such a loan shall be for a term, at a rate of interest and pursuant to such other terms and conditions as the Company, under applicable law may establish.
Tax Loans. Upon the exercise of any Option following its acceleration as described under “Incentive Vesting”, or upon the vesting of any restricted share, at Executive’s request the Company would be obligated to lend to Executive the funds necessary for Executive to pay the federal income tax incurred by Executive with respect to such exercise or vesting, such loan to be on the terms set forth on Exhibit A. Notwithstanding the foregoing, the Company shall not be obligated to make any such loan if doing so would be prohibited under or would result in a breach or default under any third party credit agreement or instrument to which the Company or any of its Subsidiaries is a party; provided, that the Company shall use reasonable efforts to obtain a waiver or consent under any such agreement or instrument to make such loan.
Tax Loans. With respect to each initial income tax recognition event arising for Executive with respect to Restricted Units purchased under this Section 4(d) (whether due to vesting or due to an earlier election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”) with respect to such Restricted Units), BG will make available to Executive, no later than the date on which the Company is required to withhold income and employment taxes with respect to such income recognition event, a loan in an amount equal to the lesser of forty percent (40%) of the fair market value of the Restricted Units that first become taxable to Executive upon such recognition event or the net taxes actually required to be withheld by the Company in respect of such Restricted Unit recognition event (each, a “Tax Loan”). Each Tax Loan shall be subject in all respects to the terms and conditions set forth in a written promissory note between BG and Executive which shall evidence the Tax Loan, contain market terms and conditions determined by the Board (but interest at the minimum rate to avoid imputed income to Executive), include full recourse on principal and interest and be secured by all Company equity interests held by Executive, including any proceeds received in respect thereof (in addition to the offset provisions described in Section 6 below); provided, that in the event of Executive’s termination of employment by the Company without Cause, by Executive with Good Reason or due to Executive’s death or Disability (each as defined below), BG will (unless prohibited by law or any financing or other covenant) exercise its option to repurchase a number of then-vested Restricted Units having a fair market value at least equal to the amount of principal and accrued interest then payable on the Tax Loan(s) (or such lesser number of Restricted Units as are then-vested) (the “Call Obligation”), provided, that (A) the foregoing shall not limit BG’s ability to exercise, in its sole discretion, any option that BG may have to repurchase any greater number of then-vested Restricted Units, and (B) the Call Obligation shall terminate upon any liquidity transaction in which the repurchase right underlying the Call Obligation lapses.
Tax Loans. The Committee may, in its discretion, authorize a loan to an Eligible Employee in the amount of any taxes which the Company may be required to withhold with respect to shares of Common Stock received (or disposed of, as the case may be) pursuant to a transaction described in subsection (a) above. Such a loan shall be for a term, at a rate of interest and pursuant to such other terms and conditions as the Committee, under applicable law, may establish and such loan must comply with the provisions of Section 1.8.
Tax Loans. MMI and CST will offer to make tax loans in an aggregate amount of not more than $7,500,000 to employee stockholders of Stream in order to enable such stockholders to pay taxes incurred by them in connection with the CST Spin-Off and MMI Spin-Off. Such loans shall be made on a non-recourse basis, secured by the shares of Common Stock of CST Holdings, MMI Holdings and OTS held by such stockholders, and shall bear interest at a rate not less than 5% (which such interest shall accrue until the principal is due and payable). The terms of such loans shall otherwise be determined by the Board of Directors of OTS.
Tax Loans. The Company may, in its discretion, authorize a loan to an Eligible Person in the amount of any taxes which the Company may be required to withhold with respect to Units received (or disposed of, as the case may be) pursuant to a transaction described in subsection (a) above. Such a loan shall be for a term, at a rate of interest and pursuant to such other terms and conditions as the Committee, under applicable law, may establish.
